48-2443 - Arizona Statutes

48-2443. Form of bonds; interest rate; record of sales A. All bonds issued under the provisions of this article shall be payable in legal currency of the United States and shall be payable within forty years from the date of the bonds, but nothing in this section shall be construed to repeal the provisions of chapter 1, article 5 of this title. B. The bonds shall bear interest payable semiannually on January 1 and July 1 each year. The bonds may be made callable after five years from their date at a premium not to exceed three per cent of their face amount. C. Subject to the provisions of subsections A and B the interest rate and the maturity or maturities of the bonds shall be fixed by the board of directors at the date or dates of the sale or sales or exchange of the bonds. The principal and interest shall be payable at the office of the district or at the office of the trustee of any such issue of bonds at the discretion of the board of directors of the district. The bonds shall be in denominations of not less than one hundred nor more than ten thousand dollars each, shall be negotiable in form, and signed by the president and secretary of the board of directors with the seal of the district affixed thereto. The bonds of each issue shall be numbered consecutively, and shall bear the date of their issue. Coupons for the several installments of interest shall be attached to each bond and shall bear the facsimile signature of the secretary. The bonds shall express on their face that they were signed by the authority of this chapter, and shall state the number of the issue of which the bonds are a part. D. The secretary shall keep a record of the bonds sold, their number, date of sale, the price received and the name of the purchaser or purchasers.